| (206)228-6456 bobby@abutin.com |
| Robby Abutin |
| Ronnie Abutin |
| (206)650-0258 ronnie@abutin.com |
| Bobby Abutin |
The Best Investment is buying a Home
Generally, homes appreciate about four to five percent a year. Some years were
more, some less. One thing is undeniably true, real estate investment is a more
solid investment than stock. The rate of return when buying a home is higher than
most any other investment you could make. Consider this too, the interest on your
mortgage and your property taxes are both tax deductible, the government is
essentially subsidizing your home purchase.
When is the best time to buy a Home
Market timing is difficult to foresee. However you don’t need to be an economist to
notice that 5 years ago, the price of houses in your neighborhood has significantly
increased. I still remember that few years ago, a buyer can still purchase a
decent 3-bedroom/2-bath home in Seattle at a price range of $200,000 to
$250,000. At present (2007), most houses with this configuration is already
above the $350K price level.
What Buyers should not do while in the process of
Purchasing a Home
No major purchase of any kind which may affect your credit standing such as
cars, furniture, appliances, electronic equipment, jewelry, vacations, expensive
weddings.
Do not change jobs. For most buyers, the effects of changing jobs can be
disastrous to your loan application Lenders will most likely approve the loan of a
person who has been working in a company for at least 2 years.
Don’t move your funds around. Have you ever wonder why a mortgage broker
would usually ask you to submit to him your last 2 years W2, Income Tax Return,
your last 2 pay stubs, your last 2 months bank statements, 401K, mutual funds,
certificate of deposits, money market funds, retirement accounts, etc? Actually
these are common requirements of the mortgage underwriter (the person who will
approve your loan) to ascertain that you the buyer has the source of funds for your
closing costs, prepaid cost, and down payment. Moving some funds out and in to
another funds might give difficulty to the Lender to document them.
Generally, homes appreciate about four to five percent a year. Some years were
more, some less. One thing is undeniably true, real estate investment is a more
solid investment than stock. The rate of return when buying a home is higher than
most any other investment you could make. Consider this too, the interest on your
mortgage and your property taxes are both tax deductible, the government is
essentially subsidizing your home purchase.
When is the best time to buy a Home
Market timing is difficult to foresee. However you don’t need to be an economist to
notice that 5 years ago, the price of houses in your neighborhood has significantly
increased. I still remember that few years ago, a buyer can still purchase a
decent 3-bedroom/2-bath home in Seattle at a price range of $200,000 to
$250,000. At present (2007), most houses with this configuration is already
above the $350K price level.
What Buyers should not do while in the process of
Purchasing a Home
No major purchase of any kind which may affect your credit standing such as
cars, furniture, appliances, electronic equipment, jewelry, vacations, expensive
weddings.
Do not change jobs. For most buyers, the effects of changing jobs can be
disastrous to your loan application Lenders will most likely approve the loan of a
person who has been working in a company for at least 2 years.
Don’t move your funds around. Have you ever wonder why a mortgage broker
would usually ask you to submit to him your last 2 years W2, Income Tax Return,
your last 2 pay stubs, your last 2 months bank statements, 401K, mutual funds,
certificate of deposits, money market funds, retirement accounts, etc? Actually
these are common requirements of the mortgage underwriter (the person who will
approve your loan) to ascertain that you the buyer has the source of funds for your
closing costs, prepaid cost, and down payment. Moving some funds out and in to
another funds might give difficulty to the Lender to document them.
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| BUYER'S PAGE |
| Abutin Realty Website Licensed Real Estate Professionals State of Washington, USA |
| (206)228-0397 robby@abutin.com |